Chevron and ExxonMobil Double Down on LNG Amid Global Demand Growth

At the Gastech conference in Bangkok, two major American energy companies, Chevron and ExxonMobil, both expressed confidence that global demand for liquefied natural gas (LNG) will continue to grow. Despite current disruptions in Middle Eastern supply, they believe this growth will be steady over the long term.

Chevron's President of Global Gas, Freeman Shaheen, announced plans to expand LNG operations on four continents: Argentina, the eastern Mediterranean, Africa, and Australia. The company aims to have approximately 20 million metric tons of LNG supply capacity by then, with 16 million tons coming from its own projects and 4 million tons contracted from the US Gulf Coast.

ExxonMobil's senior vice president for LNG, Peter Clarke, stated that the company is increasing its 2030 LNG sales forecast to around 50 million tons per year, up from a previous target of 40 million tons. This reflects ExxonMobil's larger existing LNG footprint and its confidence in long-term demand growth.

The two companies' announcements suggest they are preparing for a multi-year investment strategy to capture growing demand in Asia, which is expected to drive global gas consumption.